Reporting in: Etherium.
Where is my sallary?
Topic: South Korean Exchange Paying Users to Report Illegal Crypto Schemes (Read 193 times)
March 31, 2018, 08:25:40 PM
The Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies. The exchange has already identified and reported 20 such schemes to the police.
South Korea’s largest cryptocurrency exchange Upbit has invited all of its users to use its new system aimed at identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens.
Upbit wrote in its announcement recently that the number of illegal multi-level and ponzi fraud cases has been increasing and its new system attempts to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.” The Kakao-backed exchange asks all of its users to participate in order to prevent cryptocurrency fraud. According to Hankook Media, the system will be in effect for one year and will end in March 2019; Upbit will decide later if this period will be extended.
“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” the news outlet elaborated. Upbit confirmed:To the original complainant, Upbit pays a reward of 1 million won (~USD$930).
Reporting a suspected illegal scheme can be done through the Upbit app by choosing the Kakao Talk consultation option, Upbit detailed.
At the time of writing, Upbit is South Korea’s largest crypto exchange and the third largest globally with a 24-hour trading volume of $1.1 billion. Bithumb is the second largest exchange in the country with $686 million trading volume in the same time period.
According to Hankook Media, “Upbit has been tracking illegal multi-level coin recruitment [schemes] with its own monitoring.” By March 23, the exchange has reported more than 20 fraudulent cases to the police. Last November, it received a letter of appreciation from Suwon Chungbu Police Station after reporting a culprit pretending to be the Seoul Metropolitan Police Agency, the publication described.
South Korean Exchange Paying Users to Report Illegal Crypto Schemes
Bithumb’s booklet.
The exchange also noted that “recently fraudulent acts impersonating the Kakao Coin ICO are also found.” Following reports and rumors of the pre-sale of its coins, Kakao Corp issued a notice stating, “we are concerned about the damage caused by the fraudulent activity of the distributor,” clarifying that the company is “preparing to establish a blockchain subsidiary.” Kakao emphasized that all of the pre-sales and recruitment of participants and investors for Kakao coins “are not true.”
On Tuesday, Upbit’s rival Bithumb also distributed brochures aimed at preventing damage caused by cryptocurrency fraud. The exchange also provides resources at its walk-in customer centers to combat voice phishing and hacking. Bithumb explained that its booklets present concepts such as voice phishing, pharming, SMS phishing, hacking, preventative measures, and damage remedies in an easy-to-understand text and comic format.
South Korea’s largest cryptocurrency exchange Upbit has invited all of its users to use its new system aimed at identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens.
Upbit wrote in its announcement recently that the number of illegal multi-level and ponzi fraud cases has been increasing and its new system attempts to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.” The Kakao-backed exchange asks all of its users to participate in order to prevent cryptocurrency fraud. According to Hankook Media, the system will be in effect for one year and will end in March 2019; Upbit will decide later if this period will be extended.
“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” the news outlet elaborated. Upbit confirmed:To the original complainant, Upbit pays a reward of 1 million won (~USD$930).
Reporting a suspected illegal scheme can be done through the Upbit app by choosing the Kakao Talk consultation option, Upbit detailed.
At the time of writing, Upbit is South Korea’s largest crypto exchange and the third largest globally with a 24-hour trading volume of $1.1 billion. Bithumb is the second largest exchange in the country with $686 million trading volume in the same time period.
According to Hankook Media, “Upbit has been tracking illegal multi-level coin recruitment [schemes] with its own monitoring.” By March 23, the exchange has reported more than 20 fraudulent cases to the police. Last November, it received a letter of appreciation from Suwon Chungbu Police Station after reporting a culprit pretending to be the Seoul Metropolitan Police Agency, the publication described.
South Korean Exchange Paying Users to Report Illegal Crypto Schemes
Bithumb’s booklet.
The exchange also noted that “recently fraudulent acts impersonating the Kakao Coin ICO are also found.” Following reports and rumors of the pre-sale of its coins, Kakao Corp issued a notice stating, “we are concerned about the damage caused by the fraudulent activity of the distributor,” clarifying that the company is “preparing to establish a blockchain subsidiary.” Kakao emphasized that all of the pre-sales and recruitment of participants and investors for Kakao coins “are not true.”
On Tuesday, Upbit’s rival Bithumb also distributed brochures aimed at preventing damage caused by cryptocurrency fraud. The exchange also provides resources at its walk-in customer centers to combat voice phishing and hacking. Bithumb explained that its booklets present concepts such as voice phishing, pharming, SMS phishing, hacking, preventative measures, and damage remedies in an easy-to-understand text and comic format.
thats really good move for crypto currency user...they just did a very great campaign...so that all the negativities that always throws out in crypto will be lessen..all the scammers will be afraid of doin such activities because they are going to be against the world ..because theres so much crypto users that will watching their every moves..
March 31, 2018, 10:38:23 AM
With so many illegal schemes in crypto it is indeed a good move for the users to be aware and not be afraid to report those scammers. It's also a big help to identify those scammers and caught them to lessen victims.
March 31, 2018, 10:18:28 AM
It is a great initiative I think. The Koreans are fond of real and authenticity. And as a part of real thing they are doing a good job. in this process fraudulent will be reduced significantly. And people will engage in this sector more and more.
March 30, 2018, 12:36:53 PM
This is a nice campaign and a good way to crack down scam projects in crypto. Thumb up to the exchanges for this initiative to clean up the crypto world.
This actually good move as you said, there are need more regulation to avoid the scammy ICO projects and hackers out. Segwit gives already the 11x encryption for bitcoin transaction so hackers attack will be reduced.
Then after the regulations for Korean government and China.
Now these move again by the North Korea seems better option to safe guard everyone's money.
March 30, 2018, 12:24:15 PM
The police need much more efficient ways of handling these Ponzi schemes. Hundreds of them pop up every day and there are literally monitor sites which show which "HYIPs" have been created and when they scam people.
They don't even need to prove that they're Ponzi schemes, since unregulated investment schemes are illegal in themselves.
I'd even say that the less obvious Ponzi schemes are quite rare and get less money than the blatant ones.
They don't even need to prove that they're Ponzi schemes, since unregulated investment schemes are illegal in themselves.
I'd even say that the less obvious Ponzi schemes are quite rare and get less money than the blatant ones.
March 30, 2018, 09:38:53 AM
This is a nice campaign and a good way to crack down scam projects in crypto. Thumb up to the exchanges for this initiative to clean up the crypto world.
March 28, 2018, 08:51:01 AM
The Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies. The exchange has already identified and reported 20 such schemes to the police.
South Korea’s largest cryptocurrency exchange Upbit has invited all of its users to use its new system aimed at identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens.
Upbit wrote in its announcement recently that the number of illegal multi-level and ponzi fraud cases has been increasing and its new system attempts to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.” The Kakao-backed exchange asks all of its users to participate in order to prevent cryptocurrency fraud. According to Hankook Media, the system will be in effect for one year and will end in March 2019; Upbit will decide later if this period will be extended.
“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” the news outlet elaborated. Upbit confirmed:To the original complainant, Upbit pays a reward of 1 million won (~USD$930).
Reporting a suspected illegal scheme can be done through the Upbit app by choosing the Kakao Talk consultation option, Upbit detailed.
At the time of writing, Upbit is South Korea’s largest crypto exchange and the third largest globally with a 24-hour trading volume of $1.1 billion. Bithumb is the second largest exchange in the country with $686 million trading volume in the same time period.
According to Hankook Media, “Upbit has been tracking illegal multi-level coin recruitment [schemes] with its own monitoring.” By March 23, the exchange has reported more than 20 fraudulent cases to the police. Last November, it received a letter of appreciation from Suwon Chungbu Police Station after reporting a culprit pretending to be the Seoul Metropolitan Police Agency, the publication described.
South Korean Exchange Paying Users to Report Illegal Crypto Schemes
Bithumb’s booklet.
The exchange also noted that “recently fraudulent acts impersonating the Kakao Coin ICO are also found.” Following reports and rumors of the pre-sale of its coins, Kakao Corp issued a notice stating, “we are concerned about the damage caused by the fraudulent activity of the distributor,” clarifying that the company is “preparing to establish a blockchain subsidiary.” Kakao emphasized that all of the pre-sales and recruitment of participants and investors for Kakao coins “are not true.”
On Tuesday, Upbit’s rival Bithumb also distributed brochures aimed at preventing damage caused by cryptocurrency fraud. The exchange also provides resources at its walk-in customer centers to combat voice phishing and hacking. Bithumb explained that its booklets present concepts such as voice phishing, pharming, SMS phishing, hacking, preventative measures, and damage remedies in an easy-to-understand text and comic format.
South Korea’s largest cryptocurrency exchange Upbit has invited all of its users to use its new system aimed at identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens.
Upbit wrote in its announcement recently that the number of illegal multi-level and ponzi fraud cases has been increasing and its new system attempts to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.” The Kakao-backed exchange asks all of its users to participate in order to prevent cryptocurrency fraud. According to Hankook Media, the system will be in effect for one year and will end in March 2019; Upbit will decide later if this period will be extended.
“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” the news outlet elaborated. Upbit confirmed:To the original complainant, Upbit pays a reward of 1 million won (~USD$930).
Reporting a suspected illegal scheme can be done through the Upbit app by choosing the Kakao Talk consultation option, Upbit detailed.
At the time of writing, Upbit is South Korea’s largest crypto exchange and the third largest globally with a 24-hour trading volume of $1.1 billion. Bithumb is the second largest exchange in the country with $686 million trading volume in the same time period.
According to Hankook Media, “Upbit has been tracking illegal multi-level coin recruitment [schemes] with its own monitoring.” By March 23, the exchange has reported more than 20 fraudulent cases to the police. Last November, it received a letter of appreciation from Suwon Chungbu Police Station after reporting a culprit pretending to be the Seoul Metropolitan Police Agency, the publication described.
South Korean Exchange Paying Users to Report Illegal Crypto Schemes
Bithumb’s booklet.
The exchange also noted that “recently fraudulent acts impersonating the Kakao Coin ICO are also found.” Following reports and rumors of the pre-sale of its coins, Kakao Corp issued a notice stating, “we are concerned about the damage caused by the fraudulent activity of the distributor,” clarifying that the company is “preparing to establish a blockchain subsidiary.” Kakao emphasized that all of the pre-sales and recruitment of participants and investors for Kakao coins “are not true.”
On Tuesday, Upbit’s rival Bithumb also distributed brochures aimed at preventing damage caused by cryptocurrency fraud. The exchange also provides resources at its walk-in customer centers to combat voice phishing and hacking. Bithumb explained that its booklets present concepts such as voice phishing, pharming, SMS phishing, hacking, preventative measures, and damage remedies in an easy-to-understand text and comic format.
Jump to: